Contract

Exhibit 99

X. X. XXXXXX XXXXX & CO.

and

XXXXXX GUARANTY TRUST COMPANY OF NEW YORK

As of December 31, 2000, Xxxxxx Guaranty Trust Company of New York ("Xxxxxx Guaranty") was a wholly owned bank subsidiary of X.X. Xxxxxx Xxxxx & Co., a Delaware corporation whose principal office is located in New York, New York. Xxxxxx Guaranty was a commercial bank offering a wide range of banking services to its customers both domestically and internationally. Its business was subject to examination and regulation by Federal and New York State banking authorities.

On November 10, 2001, X. X. Xxxxxx & Co. merged with The Chase Manhattan Bank. Upon consummation of the merger, The Chase Manhattan Bank changed its name to XX Xxxxxx Xxxxx & Co.

The following table sets forth certain summarized financial information of X.X. Xxxxxx Xxxxx & Co. and for Xxxxxx Guaranty as of the dates and for the periods indicated. The information presented for the years ended December 31, 2009, 2008, 2007, 2006, and 2005 in accordance with generally accepted accounting principles.

Five-year summary of consolidated financial highlights

(unaudited)
(in millions, except per share, headcount and ratio data)
As of or for the year ended December 31,		2009				2008 (d)				2007				2006				2005
Selected income statement data
Total net revenue		$	100,434			$	67,252			$	71,372			$	61,999			$	54,248
Total noninterest expense			52,352				43,500				41,703				38,843				38,926
Pre-provision profit (a)			48,082				23,752				29,669				23,156				15,322
Provision for credit losses			32,015				19,445				6,864				3,270				3,483
Provision for credit losses – accounting conformity (b)			—				1,534				—				—				—
Income from continuing operations before income tax expense/(benefit)			16,067				2,773				22,805				19,886				11,839
Income tax expense/(benefit)			4,415				(926	)			7,440				6,237				3,585
Income from continuing operations			11,652				3,699				15,365				13,649				8,254
Income from discontinued operations (c)			—				—				—				795				229
Income before extraordinary gain			11,652				3,699				15,365				14,444				8,483
Extraordinary gain (d)			76				1,906				—				—				—
Net income		$	11,728			$	5,605			$	15,365			$	14,444			$	8,483
Per common share data
Basic earnings (e)
Income from continuing operations		$	2.25			$	0.81			$	4.38			$	3.83			$	2.30
Net income			2.27				1.35				4.38				4.05				2.37
Diluted earnings (e)(f)
Income from continuing operations		$	2.24			$	0.81			$	4.33			$	3.78			$	2.29
Net income			2.26				1.35				4.33				4.00				2.35
Cash dividends declared per share			0.20				1.52				1.48				1.36				1.36
Book value per share			39.88				36.15				36.59				33.45				30.71

Common shares outstanding
Average:           Basic (e)			3,862.8				3,501.1				3,403.6				3,470.1				3,491.7
Xxxxxxx (e)			3,879.7				3,521.8				3,445.3				3,516.1				3,511.9
Common shares at period-end			3,942.0				3,732.8				3,367.4				3,461.7				3,486.7
Share price
High		$	47.47			$	50.63			$	53.25			$	49.00			$	40.56
Low			14.96				19.69				40.15				37.88				32.92
Close			41.67				31.53				43.65				48.30				39.69
Market capitalization			164,261				117,695				146,986				167,199				138,387
Selected ratios
Return on common equity (“XXX”) (f)
Income from continuing operations			6	%			2	%			13	%			12	%			8	%
Net income			6				4				13				13				8
Return on tangible common equity (“ROTCE”) (f)(g)
Income from continuing operations			10				4				22				24				15
Net income			10				6				22				24				15
Return on assets (“ROA”):
Income from continuing operations			0.58				0.21				1.06				1.04				0.70
Net income			0.58				0.31				1.06				1.10				0.72
Overhead ratio			52				65				58				63				72
Tier 1 capital ratio			11.1				10.9				8.4				8.7				8.5
Total capital ratio			14.8				14.8				12.6				12.3				12.0
Tier 1 leverage ratio			6.9				6.9				6.0				6.2				6.3
Tier 1 common capital ratio (h)			8.8				7.0				7.0				7.3				7.0
Selected balance sheet data (period-end)
Trading assets		$	411,128			$	509,983			$	491,409			$	365,738			$	298,377
Securities			360,390				205,943				85,450				91,975				47,600
Loans			633,458				744,898				519,374				483,127				419,148
Total assets			2,031,989				2,175,052				1,562,147				1,351,520				1,198,942
Deposits			938,367				1,009,277				740,728				638,788				554,991
Long-term debt			266,318				270,683				199,010				145,630				119,886
Common stockholders’ equity			157,213				134,945				123,221				115,790				107,072
Total stockholders’ equity			165,365				166,884				123,221				115,790				107,211
Headcount			222,316				224,961				180,667				174,360				168,847

(a)		Pre-provision profit is total net revenue less noninterest expense. The Firm believes that this financial measure is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses.
(b)		Results for 2008 included an accounting conformity loan loss reserve provision related to the acquisition of Washington Mutual Bank’s banking operations.
(c)		On October 1, 2006, JPMorgan Chase & Co. completed the exchange of selected corporate trust businesses for the consumer, business banking and middle-market banking businesses of The Bank of New York Company Inc. The results of operations of these corporate trust businesses are being reported as discontinued operations for each of the periods presented.
(d)		On September 25, 2008, JPMorgan Chase acquired the banking operations of Washington Mutual. On May 30, 2008, a wholly-owned subsidiary of JPMorgan Chase merged with and into The Bear Xxxxxxx Companies Inc. (“Bear Xxxxxxx”), and Bear Xxxxxxx became a wholly-owned subsidiary of JPMorgan Chase. The Washington Mutual acquisition resulted in negative goodwill, and accordingly, the Firm recorded an extraordinary gain. For additional information on these transactions, see Note 2 on pages 143–148 of this Annual Report.
(e)		Effective January 1, 2009, the Firm implemented new FASB guidance for participating securities. Accordingly, prior-period amounts have been revised as required. For further discussion of the guidance, see Note 25 on page 224 of this Annual Report.
(f)		The calculation of 2009 earnings per share and net income applicable to common equity include a one-time, noncash reduction of $1.1 billion, or $0.27 per share, resulting from repayment of U.S. Troubled Asset Relief Program (“TARP”) preferred capital in the second quarter of 2009. Excluding this reduction, the adjusted XXX and ROTCE were 7% and 11% for 2009. For further discussion, see “Explanation and reconciliation of the Firm’s use of non-GAAP financial measures” on pages 50–52 of this Annual Report.
(g)		For further discussion of ROTCE, a non-GAAP financial measure, see “Explanation and reconciliation of the Firm’s use of non-GAAP financial measures” on pages 50–52 of this Annual Report.
(h)		Tier 1 common is calculated as Tier 1 capital less qualifying perpetual preferred stock, qualifying trust preferred securities and qualifying minority interest in subsidiaries. The Firm uses the Tier 1 common capital ratio, a non-GAAP financial measure, to assess and compare the quality and composition of the Firm’s capital with the capital of other financial services companies. For further discussion, see Regulatory capital on pages 82–84 of this Annual Report.
38				JPMorgan Chase & Co. / 2009 Annual Report